Sec. 1. 9-B MRSA §461, as amended by PL 1999, c. 218, §24, is further amended to read:

§461. Applicability of chapter

The provisions of this chapter setting forth acts and practices that are prohibited apply to all financial institutions, savings banks, trust companies, savings and loan associations, universal banks, limited purpose banks, credit unions and financial institution holding companies subject to the laws of this State and are in addition to the prohibitions set forth elsewhere in this Title.

Sec. 2. 9-B MRSA §462, sub-§4 is enacted to read:

4.__Waiver.__The superintendent may grant a waiver of the prohibition contained in subsection 1 upon request by an affected party.__A waiver may be granted only in situations involving a financial institution, credit union or financial institution holding company and a limited purpose bank and for good cause shown when there is no conflict resulting from competition between institutions.

SUMMARY

This bill amends the Maine Banking Code pertaining to laws that affect bank directors. The changes amend the interlocking directors provisions, which need to be changed after Maine's recent adoption of the universal bank charter laws.